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Los Angeles-based real estate housing fund, The SDS Supportive Housing Fund, recently announced it has agreed to finance as many as 1,800 permanent supportive housing units throughout California.
The fund raised $106 million for the cause, with health care provider Kaiser Permanente serving as the primary investor with a $50 million contribution.
According to a SDS Capital Group press release, the up-to 1,800 housing units will be spread out state-wide, but will be placed “predominantly in the Los Angeles area.” It’s currently unclear what percentage of units will be placed in L.A., and what other areas will receive units.
“More investments in affordable housing means more hope, health, and possibility for our unhoused neighbors,” said Los Angeles Mayor Eric Garcetti in the press release. “The SDS Supportive Housing Fund adds a vital financial tool to our City’s unprecedented efforts to build up our stock of supportive units swiftly and efficiently — and give our most vulnerable Angelenos a safe place to call home.”
Most units will contain 40-100 one bedroom apartments that average about 500 square feet. They’re expected to provide amenities like gyms, garden spaces and food retailers.